IT Risk Management

Course Information

Learn how to:

• Use a practical, eight-step process to manage IT project risk
• Identify threats and opportunities and weigh their relative value in your project
• Develop practical response strategies for common IT project risks
• Overcome stakeholder and team member roadblocks to risk strategy implementation
• Make risk and opportunity integral components of your next IT project plan

Course Synopsis

In this course, you’ll learn to look at risk management as a way to seize opportunities, minimize threats and achieve optimum results. You’ll work through the proactive approach to threat and opportunity - based on a clear understanding of the powerful nature of both qualitative and quantitative approaches to risk management.

IT Risk Management examines threat and opportunity from the perspective of ESI’s proven eight-step risk management process. Using effective tools, including ESI’s highly regarded risk assessment model, you’ll learn how to evaluate and respond to risk at the project and task levels. You’ll apply these tools from the course material to analyse and classify risks, determine how to establish an acceptable level of risk and develop a practical risk response plan.

Included in the course is a multi-part case study that takes you from a risk overview at the beginning of an IT project through the challenges of ongoing assessment and reassessment of threats and opportunities throughout the project. Included in the participant course material is comprehensive reference material that is specific to each unit of the course.

You’ll leave this course prepared to face the challenges and opportunities of risk management with new practices to apply in your environment and new insights on the implications and advantages of applying risk management well.

Course Topics

1. The Basic Foundations of Risk Management
   1. Definition and characteristics of risk
   2. Elements and factors of risk
      • Event (future occurrence)
      • Probability (uncertainty)
      • Impact (amount at stake)
   3. Event (future occurrence)
   4. Probability (uncertainty)
   5. Impact (amount at stake)
   6. Types of risk
   7. Components of risk management
      • Identification
      • Quantification
      • Response development
      • Response control
   8. Identification
   9. Quantification
   10. Response development
   11. Response control
2. Establishing an IT Project Risk Management Process
   1. Risk management planning
   2. Identifying, analysing and prioritising risks
   3. Planning for risk response
   4. Executing the risk response plan
   5. Evaluating risk response
   6. Documenting risk response results
3. Planning and Identifying Risks
   1. Risk identification
   2. Idea generation tools and techniques
   3. Business versus pure risks
   4. Financial risks
   5. Schedule risks
   6. Technical risks
   7. Legal risks
4. Performing Risk Assessment
   1. Determining risk tolerances
   2. Analysing risks
   3. Establishing and evaluating profitability
   4. Risk-based financial tools and techniques
   5. Expected-value analysis
   6. Decision trees
   7. Probability analysis
   8. Risks versus opportunities
   9. Prioritising risks
5. Developing Risk Responses
   1. Risk response strategies for opportunities and threats
   2. Risk acceptance
   3. Risk avoidance
   4. Risk mitigation
      • Probability minimisation
      • Impact minimisation
      • Transference
   5. Probability minimisation
   6. Impact minimisation
   7. Transference
   8. Establishing reserves
6. Implementing Risk Responses
   1. Communicating risk issues
   2. Documenting risk management practices
   3. Reassessing risk
   4. Decision-making processes
7. Risk Applications
   1. Statistical analyses
   2. Risk simulations
   3. Risk tools

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